Uber appoints new CFO as its AV plans accelerate

Uber has announced the promotion of Balaji Krishnamurthy, who has been serving as the Vice President of Strategic Finance and Investor Relations, to the position of Chief Financial Officer, succeeding Prashanth Mahendra-Rajah. With more than six years at Uber, Krishnamurthy has primarily focused on investor relations but has also been vocal about the company's initiatives in autonomous ride-hailing. His connection with the autonomous vehicle sector is further highlighted by his board position at Waabi, an AV company. This strategic appointment suggests a strong commitment from Uber to enhance its investments and operations in driverless technology. During the company's fourth-quarter earnings call, Krishnamurthy outlined plans to invest in AV software partners, collaborate with vehicle manufacturers through equity investments or offtake agreements, and bolster partnerships in AV infrastructure. "With our substantial and increasing free cash flows, we are poised to invest wisely across various opportunities, including positioning Uber for success in an AV-dominated future," Krishnamurthy stated while discussing the Q4 results. CEO Dara Khosrowshahi echoed this sentiment, expressing confidence that autonomous vehicles represent a potential multi-trillion dollar opportunity for Uber. He emphasized that autonomy enhances the inherent strengths of Uber's platform. Khosrowshahi further detailed ambitious plans for the company, stating, "By the end of 2026, we anticipate facilitating AV trips in up to 15 cities worldwide, evenly split between the U.S. and international locations. Our goal is to become the largest provider of AV trips globally by 2029." In financial performance, Uber reported a revenue increase to $14.37 billion in Q4, reflecting a 20% growth year-over-year, largely driven by heightened demand for its food delivery services. Mahendra-Rajah's departure comes after a three-year tenure with the company.